Supplier News Breaks Archives
Akorn closes Hi-Tech Pharmacal acquisition
April 18th, 2014
LAKE FOREST, Ill. – Akorn Inc. has completed its $640 million agreement to acquire Hi-Tech Pharmacal Co.
Akorn said Thursday that the addition of Hi-Tech Pharmacal will transform the company into a larger, more diversified generic player, increasing the scale of its business and bolstering its position with retail and institutional customers.
"We are excited to announce that we have completed the acquisition of Hi-Tech, our largest acquisition to date," Akorn chief executive officer Raj Rai said in a statement. "This transformative acquisition diversifies our revenue base and strengthens our capabilities in both manufacturing and R&D."
In announcing the acquisition deal in late August, Akorn said the move will make it the third-largest U.S. generic ophthalmic player and boost its retail presence in prescription and over-the-counter products. The acquisition will also add branded OTC products in the categories of cough and cold, nasals and topicals to Akorn's TheraTears brand of eye care products.
Hi-Tech develops and markets generic and branded prescription and OTC products and specializes in difficult-to-manufacture liquid and semisolid dosage forms, including nasal sprays, topical gels, creams, ointments and oral liquids. It produces a range of sterile ophthalmic, ear-related and inhalation products.
"We welcome our new colleagues from the Hi-Tech team and look forward to collaborating with them on the future direction of our company," Rai added. "Our priority now turns to executing on our integration plan."